In case you missed the ICSC Chicago Deal Making luncheon at Navy Pier that focused on Workforce housing here are three takeaways:
1. Workforce housing* is where a real gap in housing inventory exists and is receiving much greater attention today. It is critical for people to have the option to live near where they work, particularly those who are the most essential to the local economy.
2. Construction costs have skyrocketed. Also, many in the development community are chasing after luxury builds for higher rent levels. These factors could create an opportunity for the suburban market with demanding workforce seeking an affordable living.
“The Mayor of Gurnee actually stated she thought there was a workforce housing crisis as none of the people working in her city can afford to live there ” – Principal, Drew Millard
3. government/economic groups in suburban areas can contribute and subsidize new housing projects to bridge the supply/demand gap within workforce housing.
*Workforce housing is typically defined as apartment buildings that cater to the middle-income renter.
Stay tuned for takeaways from other events coming soon!